Mortgages: Should I Sign Quit Claim Deed if Staying on the Mortgage Loan

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Should I Sign Quit Claim Deed if Staying on the Mortgage Loan

My ex-husband wants me to sign a quit claim deed form to release me as owner of our home (which he claimed in the divorce decree). Although, he can not get approved to refinance the mortgage nor does he have the money to sell it (but can afford the monthly loan payment) so therefore my name will have to stay on the loan until he decides what to do. Should I sign the deed form if I'm going to stay on the loan? If he does not refinance or sell the home, what are my options to get off the loan, so I can buy my own home or a new car?

Re: Should I Sign Quit Claim Deed if Staying on the Mortgage Loan

the only time you should sign any deed in this type of situation is when you are, at the same time (as in a formal closing stetting) also being relieved of any financial obligation for the property involved.

as to getting off the loan: what does the divorce say to the issue? Often times, the person keeping the property is given some specific period of time to refi the property.

Re: Should I Sign Quit Claim Deed if Staying on the Mortgage Loan

yes, there is something you can do. You can file a partition suit.

you file the suit. Parties present their position in court. Unless there is a compelling reason to not order the partition, the courts take over the deal, auction the house, and pay off any lien and split any remaining money. The court does charge for the administration of the sale and the auction house gets a fee.

Sound like something you would be interested in doing?

The only problem I see is it appears a requirement of the plaintiff is they have a right of possession along with any co-tenants. Depending on how your decree was written, it may disqualify you but not sure.

beyond that, the only other possibility is heading back into court to have your decree defined as to placing the a requirement he take action to remove you from the loan. How difficult that might , or if it is actually possible, is beyond me

Re: Should I Sign Quit Claim Deed if Staying on the Mortgage Loan

Quoting Lisaw0204

..but in the meantime, sounds like I should not sign the quit claim deed.

absolutely.

I would suggest setting down with a lawyer who can review the facts first hand and knowing your financial position in the house and can advise you. You may be in a financial position that makes the partition unrealistic or even worse, devastates you financially.

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